Reliance Money to expand operations in Oman

Mumbai, Mar 27 (UNI) Reliance Money, the financial distribution company of the Reliance Anil Dhirubhai Ambani Group, has received an in-principle approval for setting up a branch for offering investment advice in the Sultanate of Oman.

Reliance Money is the first Indian company to have received such an approval from the Capital Market Authority (CMA) Board, the regulator in Oman.

Mr Sudip Bandyopadhyay, Director and CEO, Reliance Money said in a press release, ''Having successfully launched our operations in the UAE, we now plan to offer cost-effective, quality financial products and services to our clients in the Sultanate of Oman. This is a part of our endeavor to reach out to the large NRI and PIOs in the Middle East.'' Reliance Money will initially launch its broking, and mutual fund distribution services. The company will also be offering a mobile portal that will allow users to get free real-time access to market information on their phones, in addition to real-time chat facility with its experts, to get high-quality market research and guidance to take an informed decision.

The company also plans to offer portfolio management services at an entry level of as low as USD 50,000.

Reliance Money, made its debut in the Middle East by launching its bouquet of cost-effective and secure financial services in the UAE in February this year.

''We plan to enter other Gulf countries like Bahrain, Kuwait and Qatar in the next 6-12 months,'' added Mr Bandyopadhyay.

UNI JM MAZ AG2101